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Contractor Mortgage Calculator

Contractor Mortgage Calculator: How Much Can I Borrow?

Enter your day rate, days per week and weeks worked per year. The calculator annualises your contract income and shows an indicative borrowing range.

Calculator inputs: day rate · days per week · weeks per year (46 / 48 / 52) · contract type (limited company / umbrella / PAYE / fixed-term) · IR35 status · contracting history · deposit. Outputs: annualised contract income · indicative borrowing range · indicative maximum purchase price.

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Contractor Mortgage Calculator_ How Much Can I Borrow

How the calculation works

  • Day rate × days per week × weeks per year = annualised income. The weeks figure matters more than people expect:
  • £300/day: £69,000 over 46 weeks, £72,000 over 48
  • £400/day: £92,000 over 46 weeks, £96,000 over 48
  • £500/day: £115,000 over 46 weeks, £120,000 over 48
  • £600/day: £138,000 over 46 weeks, £144,000 over 48
  • £700/day: £161,000 over 46 weeks, £168,000 over 48
  • £800/day: £184,000 over 46 weeks, £192,000 over 48
  • £1,000/day: £230,000 over 46 weeks, £240,000 over 48
Lenders then apply an income multiple — commonly between four and five and a half times, occasionally more for higher earners — and run a full affordability assessment on top.
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What the calculator cannot know

Lender's own model

The lender's affordability model and stress rate.

Your finances

Credit commitments, dependants and childcare costs, and your credit profile.

The mortgage itself

The term you take, property type, and loan to value.

Contracting history

Your track record and the contract term remaining.

Case studies

Calculator said £575,000. The market said £610,000.

£500/day contractor, no credit commitments, 25% deposit, 30-year term.

An enhanced income multiple available above a set income threshold lifted the figure beyond the standard estimate.

Outcome: £610,000 agreed.

£400/day contractor with £480 a month of car finance and two dependants.

Affordability testing, not income, was the constraint.

Outcome: £295,000 — with a route to £370,000 once the car finance ended.

£300/day umbrella contractor whose payslip income sat well below the assignment rate.

Placed with a lender annualising the assignment rate.

Outcome: £268,000 agreed, close to the indicative figure.

Now find out which lenders will use that figure

An indicative number is only useful if a lender will actually work from it. Send us your contract and we will tell you which ones will.
Get your contractor assessment

Frequently Asked Questions

Multiply your day rate by the days you work per week and then by the weeks you work per year. Most lenders use 46 or 48 weeks, which builds in time between contracts.

Most lenders lend between four and five and a half times annualised contract income, subject to affordability. A £500 day rate annualising to £115,000 points to roughly £517,000 to £632,000 before commitments.

It varies by lender. Forty-six and forty-eight weeks are the most common, and the difference is worth several thousand pounds of assessed income.

No. It provides an indication only. Actual borrowing depends on the lender’s affordability model, your credit commitments, dependants, term and credit profile.

No, but the calculation changes: £500 a day over four days and 46 weeks is £92,000 rather than £115,000.